In the past, new Indian homeowners would not even consider getting an interior design service done. Buying a house and simply getting it painted and adding a few bits of furniture would be enough. However, over time, we have seen an increasing propensity of new-age homeowners to go for an interior design service along with buying a new home.
The Indian interior design market was valued at USD28.97 billion at the end of 2022 and is forecasted to be valued at USD52.84 billion at the end of 2029. It does not take a genius to figure out that more and more homeowners are going in for professional interior design services than ever before.
Moreover, we see a recurrent trend across the country of new homeowners opting increasingly for luxury home designs. The trend is particularly prevalent in metro and Tier-I cities like Mumbai, Bangalore, Hyderabad, Delhi, and Kolkata. There is a marked increase in the number of luxury interior designers in Bangalore and other cities.
Today, we will look at this trend and examine the factors fuelling this growth. If you want to know more about this, keep scrolling!
What Is Driving The Growth Of The Luxury Interior Design Sector In India?
These are some of the salient factors that are helping to spur this change in the market scenario:
High Disposable Income
The most obvious of all is that working professionals have a higher disposable income than ever in the history of this nation. With virtually every MNC setting up an office within India, working professionals no longer have to venture out of their home state or country to land a well-paying job.
Moreover, with rising inflation rates, companies have had to exponentially increase salary packages to attract talented individuals. This has led to a high amount of income within the economy, which is spurring this growth.
Prestige and Status
A well-designed home has become a symbol of status and prestige for the current generation of people. While a home has always been a symbol of one’s position, people would not think of interior design as a way to improve that. However, as an increasing number of people have new homes now, the only way to stand out is to go for a luxury home interior design that showcases wealth and prosperity.
Post-Pandemic Revenge Consumption
While the pandemic years had indeed halted the global economy, the real estate sector being one of the worst hit, the post-pandemic era is witnessing a large amount of the populace resorting to revenge spending to make up for the lost years. Moreover, people have also faced mortality very close at hand, which has created an impression that it is better to live well and then pass away than never to have lived well at all.
Work from Home Scenario
Several professions have entirely shifted to the work-from-home mode of operations. Thus, working professionals find themselves spending their entire day within their homes. As a result, individuals are now seeking more comfortable and luxurious home designs that can accommodate their work requirements and help them operate effectively.
Budget interior designs cannot accommodate the professional requirements individuals need to meet. Hence, they increasingly opt for a luxury home interior design with all the necessary arrangements and facilities.
Culture of Socializing and Mingling
Even two decades back, the Indian corporate work culture was not as rigorous or strenuous. With added work pressures comes the need for added socializing and co-mingling. Thus, working professionals increasingly opt to grab a few drinks with close friends or family in the comfort of their homes. This is an important reason why the younger generation of homeowners is going in for luxury home interiors, as it helps to maintain their reputation and image.
Conclusion
Thus, these were the top 5 reasons behind the increasing number of homeowners going for luxury home interiors. This is undoubtedly appreciable as it showcases that the Indian economy is growing and people are spending more than before.
If your preferences fall within these five reasons, or even if you have other reasons, go for the best luxury interior design company in Bangalore or any other city. There is no good reason why you should not have the best-looking home, so go ahead and splurge on your new home.
